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Frustration in Forex

  • #1
  • First Post: Jun 2, 2017 6:36am Jun 2, 2017 6:36am
Some trader suffer frustration when the price is always opposite from their orders. If entered, buy price quoted is heading to the bottom.
It they entered the sell price goes up. I think this is due to lack of experience and knowledge in the business.
What do you think?
Sweet Princess, ForexMart
  • #2
  • Jun 2, 2017 7:04am Jun 2, 2017 7:04am
Quoting SweetPrinces
Some trader suffer frustration when the price is always opposite from their orders. If entered, buy price quoted is heading to the bottom. It they entered the sell price goes up. I think this is due to lack of experience and knowledge in the business. What do you think?
don't make just one trade make you any frustration , it is just one trade within your journey even the best analysis could be wrong because wrong is part of the game, loss is part of the game just like win is also part of the game all you will need is to seek to you result to be 1- small loss 2- break even 3-small win 4- big win 5- no for big loss finally I'm here for any help for free good luck
  • #3
  • Jun 2, 2017 7:08am Jun 2, 2017 7:08am
Quoting SweetPrinces
I think this is due to lack of experience and knowledge in the business. What do you think?
I agree. If you are doing this correctly, there comes a point where you start to do it with 0 emotion - or as little emotion as possible. I think this is why the forex "game" is so difficult for most human beings to handle.

And I'd say this as a warning: you need to keep the no emotion part just to FX and not let it creep into other parts of your life - living a life without emotion is kind of crazy.

I'd also say that this is a symptom of all noobs/most unsuccessful people wanting to work on too low of a timeframe. It is my personal opinion that you should use long term trend signals that change from SHORT to LONG 1-4 times per month, then as a "good price is shown to you", work into the overall position. IE look at the statistics of your system and the price some distance away from the MA or whatever in countertrend direction, then use an algo to watch/enter best into that. Basically, with this method even if you get a bad partial entry, you are still holding on for until the LONG-TERM trend changes so you would not care.

Just my opinions though probably - plenty of scalpers on here that seem to be successful so to each his own.
  • #4
  • Jun 2, 2017 7:20am Jun 2, 2017 7:20am
If you lack discipline you'll definitely be a loser in forex, no matter how good your strategy is you need to have the right mind set to gain from your experience. Also importantly you need to be patience because most times traders lose control of themselves when they are losing and they'll try to fight back the market in frustration, you need to overcome your emotions and adhere to your rules of your strategy, it's also important to keep doing research because this would help you get use to price movements.
  • #5
  • Jun 2, 2017 7:24am Jun 2, 2017 7:24am
Quoting ohakaba
If you lack discipline you'll definitely be a loser in forex, no matter how good your strategy is you need to have the right mind set to gain from your experience. Also importantly you need to be patience because most times traders lose control of themselves when they are losing and they'll try to fight back the market in frustration, you need to overcome your emotions and adhere to your rules of your strategy, it's also important to keep doing research because this would help you get use to price movements.
Another very vital point is risk management, if you risk too much it would be hard for you to make the right decision, you'll be tensed and your emotions would get the worst of you,so risk less for your mind to be at Peace, that way you'll see things clearly.
  • #6
  • Jun 2, 2017 9:53am Jun 2, 2017 9:53am
I guess every trader has to go through the frustration.

Trading IS difficult. The frustration comes from the lack of experience.

I remember having to trade daily for 6 months before getting used to the frustration of having a position go against you.

The important thing is to develop a strategy. If you can't backtest & forward test your strategy, it is unlikely that you can overcome this frustration.

@Sweetprinces
I suggest you read a trade setup book like Al Brooks - Reading Price Charts Bar By Bar. This gives some very basic setups that you can trade to make sure you at least make a bit of profit.

Good luck!
  • #7
  • Jun 2, 2017 11:24am Jun 2, 2017 11:24am
Quoting ohakaba
{quote}risk management, risk too much.
that is a very important point in this business, at least for me. doesn't matter what system, indicators or EA i use, i never forget that risk wisdom.
Dangdut is a music of my country
  • #8
  • Jun 2, 2017 11:26am Jun 2, 2017 11:26am
Quoting SweetPrinces
Some trader suffer frustration when the price is always opposite from their orders. If entered, buy price quoted is heading to the bottom. It they entered the sell price goes up. I think this is due to lack of experience and knowledge in the business. What do you think?
my first day in forex
WaBaS Where are Buyers and Sellers
  • #9
  • Jun 2, 2017 11:37am Jun 2, 2017 11:37am
Quoting SweetPrinces
Some trader suffer frustration when the price is always opposite from their orders. If entered, buy price quoted is heading to the bottom. It they entered the sell price goes up. I think this is due to lack of experience and knowledge in the business. What do you think?
I've copied a post I made on my Trader's Academy thread which I think answers your question. Do not make the mistake of thinking that you will master this business in months, a year, or even several years, because for most people it takes quite a lot longer. If you want it badly enough, and are prepared to put the work in for however long it takes, then the rewards will be there for you sooner or later.

" That's a well known cliche which grossly oversimplifies the nature not just of trading, but of life itself. No one person begins a career in trading without sincerely wanting to be successful at it. As is the way with any goal we set out to achieve, we will only be successful if we approach it with realistic expectations about how much work and commitment will be required to achieve those goals. The sporting analogy is a good one for trading, because in no profession will you ever reach your true potential without dedication and hard work, many thousands of hours of it, or just as long as it takes. This is not to say that provided we all do the same amount of work we will all reach the same level of excellence, quite obviously we won't, which is where natural talent comes into play. Years of practice and dedication will not necessarily produce a world class concert pianist, but it will produce a highly competent pianist performing at the peak of his or her own ability. Similarly, not every trader who spends years learning how to trade will become a millionaire, but provided they understand how the price moves and use strict money management criteria, they should at least be able to earn enough to provide themselves with a living.

I strongly believe that any person with average intelligence can become a successful trader provided they work hard enough and are singularly focused on the goal of achieving success. The psychology of trading comes last, when you have properly educated yourself about the mechanics of price action. Everyone who comes into trading does so for the same reason - to make money, but very few come into the business with time horizons and expectations that are realistic. The majority are looking for quick and easy money, and without exception, these people fail - they are the 95% you hear about. The 5% on the other hand know, perhaps not at first, but soon enough, that trading is a lot herder than it seems at the outset, and that to truly succeed, it is going to be a long haul, not months but years of trial and error before they get it right - with some it could be five years, others ten or fifteen. The winners in this game stick with it, they just don't give up.

That is the difference, that is what separates the big achievers in trading, and in life, from the rest, short cuts do not exist unless you win the lottery. The reason so many fail has got nothing to do with whether people are inherently talented enough or not, and everything to do with the fact that there are no degrees or apprenticeships required for trading, anyone with an internet connection can call themselves a trader from day one if they want to. Imagine the carnage if the same applied for becoming a doctor, a lawyer or a plumber! Thankfully in trading, the carnage does not go beyond the personal level.

Yes, you'll get what you want from the market, that is true, but only if that desire to achieve is matched by a the realism of what it will take to achieve it. As one's knowledge and confidence steadily increases, the psychological factor that we all have to overcome, will tend to take care of itself. "
  • #10
  • Jun 2, 2017 12:56pm Jun 2, 2017 12:56pm
Here is my answer to the OP's question in the first post.

Learn to recognize (and anticipate) where the turning points are going to be. There are multiple ways to do this (and ideally you should know them all), pick one and become good at it:

  1. Support and Resistance levels;
  2. Supply and Demand;
  3. Fibonacci retrace levels;
  4. Trend lines and channels;
  5. Price Action;
  6. Moving Averages;
  7. and many more.

This applies to trading on any time frame. Often, the advice to noob traders is to start at higher TFs, because action there happens over an interval of days or weeks and you can take the time to get the analysis right. The same techniques work for scalping, but you have so much less time to make a judgement call. Pick the TF that you are happy with and become good at it.

Some people will tell you "trade with the trend". I find this to be poor advice, for a couple of reasons:

  1. Except for unusually large long moves in Forex (which don't happen often) trends don't become distinctly recognizable until they are nearly over.
  2. The way to make money with any trend is to get in near the beginning, but at that stage it is not a trend yet.

If you become good at recognizing where the turning points are you can get in to a move right at the beginning of a trend, and you can get out when it shows signs that it is over.

Knowing where price would likely turn also tells you where to put your SL. If you are expecting the turning point to hold and price goes through instead, you want to stop holding the trade at that point, because it is about to become a whole lot worse.

The sobering reality for new traders is that it can take a considerable amount of time to master trading -- years in fact. But the upside of that is after enough chart study it eventually just seeps into your pores and you can look at a chart a few seconds and make a pretty good judgement call on what the position should be and where to enter at.

Sure I have a trading plan. Buy low. Sell high. What's yours?
  • #11
  • Jun 2, 2017 1:01pm Jun 2, 2017 1:01pm
Quoting Trainman
Here is my answer to the OP's question in the first post. Learn to recognize (and anticipate) where the turning points are going to be. There are multiple ways to do this (and ideally you should know them all), pick one and become good at it: Support and Resistance levels; Supply and Demand; Fibonacci retrace levels; Trend lines and channels; Price Action; Moving Averages; and many more. This applies to trading on any time frame. Often, the advice to noob traders is to start at higher TFs, because action there happens over an interval of days or...
trade with the trend means trend continuation.
If you're able to identify trend continuation, that is far more profitable than finding tops and bottom (turning point).
Anyhow I'm good at trading both.
This is not investment/trading advise. Will not hold accountable for loss
  • #12
  • Jun 2, 2017 1:20pm Jun 2, 2017 1:20pm
Quoting SweetPrinces
Some trader suffer frustration when the price is always opposite from their orders. If entered, buy price quoted is heading to the bottom. It they entered the sell price goes up. I think this is due to lack of experience and knowledge in the business. What do you think?

Price is always leaded by someone. You are not trading in a vacuum. You got to know who is leading price action and why, before you place a position. If you have no idea whatsoever of who is leading a particular market, placing a position is pure simple gamble. Experience and practice are pure "nothings" too if you're alone in your efforts or if you are following incorrect information, data and learning paths.

Consequently the first thing to do in the case you underlined, is to study the market "panorama", evaluate who are the the winners in this field, searching for them, and eventually trying to understand how they manage to obtain such results. Finally, copy them as much as you can.

Best L.
Ubi maior minor cessat
  • #13
  • Jun 2, 2017 1:33pm Jun 2, 2017 1:33pm
Deposit the big money on your account and trade small quantities
That's can minimized your frustration
Be Yourself... Prof it
  • #14
  • Jun 2, 2017 5:25pm Jun 2, 2017 5:25pm
It is not easy to handle frustration, as it is very common to see that we all take out our frustrations through one way or the other, it’s very crucial that we learn to handle all this with care. If we handle frustration (emotions) with care then we will always be able to perform and will help our self to achieve better results. It’s why we need to work extra hard on this because it is what can make noticeable difference in performance.
  • #15
  • Jun 2, 2017 8:08pm Jun 2, 2017 8:08pm
If you are experiencing frustration because price went the opposite direction to what you expected... then your expectations about why and how the markets move are all wrong. Learn about the mechanics of the market and derive your edge from that. Then it's simply a matter of playing the odds and having no particular expectation attached to any 1 trade. If you know you will be ahead at the end of say 100 trades and assuming you're properly position sized, why would any 1 trade cause you any pain? I don't even have any feelings about the outcome of my trades. I feel neutral for both winning and losing trades. My job as a trader is to manage risk and keep putting on trades that give me a slight edge.
  • #16
  • Jun 3, 2017 4:41am Jun 3, 2017 4:41am
Quoting asistoprof
Deposit the big money on your account and trade small quantities That's can minimized your frustration
Frankly, big investment is not any permanent solution here! Maybe it will take a long time to crash your trading balance! So, what’s the solution? Trading knowledge and skilled! But I am not against on low risk ward ratio; really aggressive traders lose their money here so quickly! Besides, good skilled Forex traders can utilize good opportunities of market!
  • #17
  • Jun 3, 2017 8:47am Jun 3, 2017 8:47am
Quoting yousername
{quote} trade with the trend means trend continuation. If you're able to identify trend continuation, that is far more profitable than finding tops and bottom (turning point). Anyhow I'm good at trading both.
Do you have some tips to offer for how trend continuation may be spotted?

One thing I have noticed is that when price has been trending and then goes sideways for a time, if the trend is likely to resume then as price gets close to the day's bottom or top, the spread will collapse. Turn on the "Show Ask Line" option in Metatrader, switch to M1 and watch this. Spread collapses because big limit orders are being placed, seeking to get in on the continuation. The big money traders aren't always right, but this is often a good clue.
Sure I have a trading plan. Buy low. Sell high. What's yours?
  • #18
  • Edited 10:49am Jun 3, 2017 10:22am | Edited 10:49am
Quoting Trainman
{quote} Do you have some tips to offer for how trend continuation may be spotted? One thing I have noticed is that when price has been trending and then goes sideways for a time, if the trend is likely to resume then as price gets close to the day's bottom or top, the spread will collapse. Turn on the "Show Ask Line" option in Metatrader, switch to M1 and watch this. Spread collapses because big limit orders are being placed, seeking to get in on the continuation. The big money traders aren't always right, but this is often a good clue.
First we have to identify expansion and contraction.
It is best to identify the expansion after we have a prolong contraction.
Once we have identify that prolong contraction, expect a breakout.
Let it expand until we see a short contraction (this must be short).
Expect to see a bullish convergence or bullish hidden divergence.
Long after you identify it. And it is best to place the long after it breaks the high or above of that expansion's high.

When you see the screenshot, you already have 3 trades open. If you trade with finding tops and bottoms, you have 1 winning trade (after the 3rd losing trade where the top occurred for quiet a long period) and 3 losing trades (trend continuation trades where you might assumed it's a bearish reversal).
Attached Image (click to enlarge)
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This is not investment/trading advise. Will not hold accountable for loss
  • #19
  • Jun 3, 2017 10:58am Jun 3, 2017 10:58am
Quoting Trainman
Here is my answer to the OP's question in the first post. Learn to recognize (and anticipate) where the turning points are going to be. There are multiple ways to do this (and ideally you should know them all), pick one and become good at it: Support and Resistance levels; Supply and Demand; Fibonacci retrace levels; Trend lines and channels; Price Action; Moving Averages; and many more. This applies to trading on any time frame. Often, the advice to noob traders is to start at higher TFs, because action there happens over an interval of days or...
trends don't become distinctly recognizable until they are nearly over-LOL
if this and if that.

And this is the most liked post in this thread? Does anyone know how to trade?
You came here for the truth and let me unveil it for you
  • #20
  • Jun 3, 2017 11:00am Jun 3, 2017 11:00am
Quoting yousername
{quote} First we have to identify expansion and contraction. It is best to identify the expansion after we have a prolong contraction. Once we have identify that prolong contraction, expect a breakout. Let it expand until we see a short contraction (this must be short). Expect to see a bullish convergence or bullish hidden divergence. Long after you identify it. And it is best to place the long after it breaks the high or above of that expansion's high. When you see the screenshot, you already have 3 trades open. If you trade with finding tops and...
what garbage. how bad are you?
You came here for the truth and let me unveil it for you
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